Confirmation of a top with a range violation on 10/22/12 @ 1423.25. Confirmation of a top with a close violation on 10/23/12 @ 1416.25. Downside Targets = 1387.00 – 1382.00.

Bearish OVB generated on Thursday making new lows on the current move @ 1399.50. Downside Targets over 145% achieved.

The December S&Ps settled just fractionally higher on Thursday despite trading below the 1400 threshold for the first time since QE3 was announced because it could not build on better than expected jobless claims and durable goods orders.

The S&Ps should decline even further on Friday as earnings results from both Amazon and Apple were not as strong as expected to go along with a lower Q1 target issued by Apple, which should push the market down near the 1393 level by the end of trading.

About the Author

Parrish Hicks Capital Research is a trading and technical analysis firm that specializes in Energy and Metal commodity futures. The two founders, Jim Parrish and Kris Hicks, have a combined 38 years’ experience in the commodity business and in 2011 accurately forecasted both $25 moves to the downside in May and July and the $25+ move to the upside in October. They also called the all-time high day for Gold on September 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012. Their trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. Their expertise is focused on 16 commodities plus the comparable ETF markets. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com or at www.ParrishHicks.com.